What Estate Planning Documents Do You Need?

Estate planning requires a number of legal documents. The documents you should create will depend on your own personal situation and wishes. Below, our Carbon County estate planning lawyer outlines a few of the most important estate planning documents to draft, as well as their uses and benefits.

A Will

 Wills are one of the most common types of estate planning documents people delay drafting. However, they are also one of the most important. A will can accomplish many things, but these documents mainly dictate how you want your property to be distributed to your beneficiaries. Without a will, the intestate laws in Pennsylvania will determine who receives your property.

A will has other purposes, too. For example, if you have minor children, you can use a will to name a guardian for them in the event that you pass away. Additionally, a will allows you to name a personal representative who will administer the estate, inventory your property, and more. Without a will, the probate court will determine who acts as your personal representative and that may not align with your preference.

A Power of Attorney

 A power of attorney is a legal document that allows another person to make decisions on your behalf in the event that you are incapacitated and cannot make them for yourself. A power of attorney can give someone else to make either financial or health care decisions for you, or both. As the person giving authority to another person, you are known as the principal. The person you name in your power of attorney is known as the agent. Agents have a fiduciary duty to principals, which means they must always make decisions in your best interest.

 Beneficiary Designations 

Beneficiary designations are very important and no estate plan is complete without them. If you have certain accounts such as a 401(k) or an IRA, it is critical that you designate beneficiaries who will receive them after you pass away. These accounts also do not have to go through probate if there are beneficiary designations on them. It is important to align these beneficiaries with the contents of your will so your family members do not face any challenges in the future.

Our Estate Planning Attorney in Carbon County Can Draft Your Documents 

When preparing the above important documents, it is critical that you work with a Carbon County estate planning attorney. At The Law Office of Kim M. Gillen, P.C., our Carbon County estate planning lawyer can draft your documents and ensure no mistakes are made so you and your family are fully protected. Call us now at 484-613-0011 or fill out our online form to schedule a consultation.

Sources:

legis.state.pa.us/WU01/LI/LI/CT/HTM/20/00.056..HTM

egis.state.pa.us/cfdocs/legis/LI/consCheck.cfm?txtType=HTM&ttl=20&div=0&chpt=25